Xiaomi, Apple making a fortune from refurbished phones

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Xiaomi maintains its place in pre-owned smartphone with a 26% increase in the market share followed by Apple, with a market share of 20%. As per reports provided by Cashify, Due to the Covid-19 induced sudden lockdowns in 2020 which made people work from home and students attend their classes only through online mode, made an increase in demand for new and used smartphone which positively affected the e-commerce market.

The most important reason for people and students to buy 4G smartphones was due to the increase in the dependence on software-based applications and also the work-at-home procedure. Online classes require more stable and high-speed connectivity. Working at home requires a more stable and high-speed connection without any interruptions for uploading their work at the right time. For the ones who can’t afford new smartphones their next option is a refurbished smartphone, at present Xiaomi occupies the top position in this segment based on the survey provided by Cashify. The survey was taken from the responses of 4,000 people. As per the survey, a large number of people were buying smartphones except for laptops, and a total of 84% of them choose a new smartphone at the time of 14-18 months of purchase. They did not provide an option for EMI and replacement warranty for the purchaser which was made the top criteria before the purchase. In market share, Xiaomi topped the chart with a 26 per cent share followed by Apple with a share of 20% and Samsung with 16 per cent share and finally Vivo and Motorola only made 6 per cent each. The survey was taken from different states like Delhi (23%), Mumbai (13%), Bangalore (11%), and Hyderabad (7%) which ranked the top 4 in the case of selling refurbished smartphones. Towns such as Ghaziabad, Faridabad, Ahmedabad and Lucknow have also shown a strong affinity in securing the top spots in the forthcoming city category.

As per the survey, people gave away their refurbished phones at the average rate of Rs 4,217 in 2020. The costs of the phones are much higher than refurbished ones so they chose the low priced option. Smartphones that are sold by the users last for a minimum period of 3 years and most of the phones are sold due to issues related to batteries and faulty displays.  As per the survey, a total of 80% of the men sold their smartphones while there was a decrease in 20% of women selling their smartphones in 2020.

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